Company No: 03149360 (England and Wales)

Contents

• Statement of Financial Position
• Notes to the Financial Statements

	Note	2025		2024
		£		£
				Restated - note 2
Fixed assets
Intangible assets	4	0		6,317,266
Tangible assets	5	45,950		50,789
		45,950		6,368,055
Current assets
Debtors		3,456,595		2,300,856
Cash at bank and in hand		24,338		8,266
		3,480,933		2,309,122
Creditors: amounts falling due within one year	6	( 710,434)		( 1,673,969)
Net current assets		2,770,499		635,153
Total assets less current liabilities		2,816,449		7,003,208
Creditors: amounts falling due after more than one year	7	( 3,647,511)		( 1,937,356)
Provision for liabilities	8	0		( 1,029,185)
Net (liabilities)/assets		( 831,062)		4,036,667
Capital and reserves
Called-up share capital	9	2,000		2,000
Revaluation reserve		0		5,288,081
Other reserves		79,899		79,899
Profit and loss account		( 912,961 )		( 1,333,313 )
Total shareholder's (deficit)/funds		( 831,062)		4,036,667

For the financial year ending 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The member has not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Cadogan Pier Limited (registered number: 03149360) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

B Freeman Director

I Gray Director

15 September 2026

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Cadogan Pier Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 110 Cannon Street, London, EC4N 6EU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the reporting date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the reporting date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets is reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets

not amortised

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings	150 years straight line
Plant and machinery etc.	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings/Statement of Comprehensive Income.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Prior year adjustment

During the year, an error was identified in the financial statements for the year ended 30th September 2024. The lease liability included in the year ended 30th September 2024 has decreased to nil from £90,170 and £1,909,567 with an exceptional item of £1,999,737 being recognised.

		As previously reported		Adjustment		As restated
Year ended 30 September 2024		£		£		£
Exceptional item		0		1,999,737		1,999,737
Lease liability <1 year		(90,170)		0		(90,170)
Lease liability > 1 year		(1,909,567)		0		(1,909,567)

3. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the company during the year, including directors	0		0

4. Intangible assets

	Other intangible assets		Total
	£		£
Cost
At 01 October 2024	6,317,266		6,317,266
Revaluation	( 6,317,266)		( 6,317,266)
At 30 September 2025	0		0
Accumulated amortisation
At 01 October 2024	0		0
At 30 September 2025	0		0
Net book value
At 30 September 2025	0		0
At 30 September 2024	6,317,266		6,317,266

5. Tangible assets

	Land and buildings		Plant and machinery etc.		Total
	£		£		£
Cost
At 01 October 2024	28,272		796,650		824,922
Additions	0		1,432		1,432
At 30 September 2025	28,272		798,082		826,354
Accumulated depreciation
At 01 October 2024	1,822		772,311		774,133
Charge for the financial year	188		6,083		6,271
At 30 September 2025	2,010		778,394		780,404
Net book value
At 30 September 2025	26,262		19,688		45,950
At 30 September 2024	26,450		24,339		50,789

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	124,763		54,789
Other creditors	585,671		1,619,180
	710,434		1,673,969

7. Creditors: amounts falling due after more than one year

	2025		2024
	£		£
Other creditors	3,647,511		1,937,356

8. Provision for liabilities

	2025		2024
	£		£
Deferred tax	0		1,029,185

9. Called-up share capital

	2025		2024
	£		£
Allotted, called-up and fully-paid
2,000 Ordinary shares of £ 1.00 each	2,000		2,000

10. Related party transactions

Other related party transactions

Included within debtors is a balance of £3,330,819 (2024: £2,212,341) owed by a company in the group.

Included within other creditors is a balance of £0 (2024: £21,040) owed to a company in the group.

11. Ultimate controlling party

The Company's immediate parent, which is in administration, is Thames River Investments Limited, incorporated in England and Wales in the United Kingdom. The registered office of Thames River Investments Limited is 110 Cannon Street, London, EC4N 6EU.

Following a group reorganisation in July 2026, Thames River Group Limited became the Company's ultimate parent undertaking and controlling party. At the date of approval of these financial statements, Thames River Group Limited is the ultimate parent undertaking of the Company.

The Company's ultimate parent company is Atherton Allergate Limited, incorporated in England and Wales in the United Kingdom. The registered office is 41 Paradise Walk, London, SW3 4JL.